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Renewable Energy Industry Outlook 2020
Exploring renewable energy policy, innovation, and market trends
The renewable energy industry is primed to enter a new phase of growth driven largely by increasing customer demand, cost competitiveness, innovation, and collaboration. The US 2020 renewable energy industry outlook explores what it will take for companies to thrive in the year ahead.
Renewable energy industry primed for continued growth
Falling costs and rising capacity factors, along with the emerging competitiveness of battery storage, drove renewable energy growth in 2019. Declining battery storage costs increasingly enable wind and solar to compete with traditional “dispatchable” energy resources. In addition, the renewable energy sector saw significant demand from most market segments as overall consumer sentiment remained positive.
In 2020, the prospects for short-term solar and wind energy growth appear favorable. Offshore wind may finally be poised to take off, and innovation and collaboration across the renewable industry and its stakeholders will likely yield further growth.
What else can we expect in 2020?
- Market transformation: Renewables’ costs competitiveness ushers in a new era of competition
- New opportunities: The door is ajar for new offshore wind opportunities and may open wider in 2020
- Grid resiliency: Growing resiliency imperative may mean an increasing role for renewables and storage
- Innovation: Collaboration is key to innovation in the renewable sector
Would you like to find out more about these trends? Please download the US Renewable Energy Industry Outlook.
2020 Renewable Energy Industry Outlook
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